Archive for May, 2012
The Mortgage Debt Relief Act of 2007 generally allows Huntington Beach and Fountain Valley taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.
This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.
Call me for more information: (714) 815-6215
For Huntington Beach Homeowners in danger of losing their home, walking away might seem like an attractive solution. Many distressed homeowners have been getting bad advice when it comes to Strategic Default. It has become fashionable for some so-called experts to recommend defaulting on your mortgage as a method of dealing with pending foreclosure, but this is actually one of the worst options imaginable.
Strategic Default is a method that some homeowners who are in danger of losing their home to foreclosure choose to take. Rather than spending more money to try and save their home, they simply let the bank foreclose, take the credit hit and then walk away. It is unfortunate, because there are so many better options available to homeowners under the threat of foreclosure than this.
While Strategic Default may provide immediate relief to the overwhelming feeling that the threat of foreclosure brings, it can have devastating effects on a homeowner’s future ability to find affordable housing.
As a Certified Distressed Property Expert (CDPE), I make a point to find the best possible options not just for the present, but for the future as well. There are options for homeowners in Huntington Beach,that can have a much lighter effect on a their credit while also allowing them to walk away from an oppressive mortgage.”
I have developed a free report entitled, “Escape your Unmanageable Mortgage” that is accessible from my website, www.stopforeclosuredeannahelps.com.
DeAnna Rehnert (714) 815-6215
HELPING HOMEOWNERS GET A FRESH START